Dallas-based Knightvest Capital has acquired a multifamily apartment community in Plano’s Legacy area.
“This 398-unit apartment community marks the latest strategic addition to the Knightvest portfolio,” according to a news release. “The Dorian Apartment community was built in 2008 and features a mix of three- and four-story structures across nine buildings, with units boasting an average of 910 square feet.”
Knightvest closed on the property in December. It plans to renovate the units and amenities, including the clubhouse, fitness center, and pool area.
“With its strategic location, the Dorian Apartments fit seamlessly into our vision of acquiring institutional quality assets and transforming them into design-driven residential communities,” Knightvest CEO David Moore said. “Our team is excited by this latest acquisition as we work to provide a high-quality alternative to new construction in this sought-after market.”
The acquisition of Dorian Apartments is one of the “last investments” from Knightvest Fund I LP. The firm has begun raising capital for its second fund, Knightvest Fund II LP.
“Our acquisition of the Dorian Apartments is another great example of how we’re executing our value-add strategy to deliver dependable results to investors, residents, and employees,” Moore said.
The apartment community is in the middle of a residential development between McDermott Road and Rasor Boulevard.
The company was founded in 2007, investing more than $10 billion to acquire over 55,000 units in Texas, including dozens in Dallas-Fort Worth, as well as Arizona, North Carolina, South Carolina, and Florida to become one of the largest apartment owners in the U.S., according to the release.